4 Top EV Stocks To Add To Your Watchlist Right Now
As the stock market looks to recover from yesterday’s losses, electric vehicle (EV) stocks continue to make headlines. This seems to be the case across the board from the largest players in the space to upcoming names. Namely, this would be in reference to Tesla (NASDAQ: TSLA) and Rivian (NASDAQ: RIVN) this week. To begin with, TSLA stock is in focus thanks to news of CEO Elon Musk selling about $5 billion of his holdings. While the move may seem negative at face value, Musk is doing so to mostly satisfy tax obligations. If anything, things appear to be picking up speed on the operational front for Tesla now. Just last month, the company reported that its China vehicle sales are almost half the size of its U.S. sales.
At the same time, we also have Rivian, a newcomer to the EV stock trade. The electric truck manufacturer went public yesterday via an initial public offering (IPO). RIVN stock gained by 29% throughout intraday trading to $100.74 a piece, valuing Rivian at $86 billion as of yesterday’s closing bell. Not to mention, the company is also looking to expand its EV fleet business beyond its key client Amazon (NASDAQ: AMZN). Before going public, Rivian also announced plans to open orders for its EVs to consumers.
All in all, the EV industry seems to be moving at breakneck speeds now. Additionally, with President Joe Biden set to sign the $1 trillion infrastructure bill on Monday, even the EV charging and EV battery stocks could gain traction. With all that said, here are three top EV stocks to consider in the stock market today.
Best EV Stocks To Buy [Or Sell] This Week
- Ford Motor Company (NYSE: F)
- QuantumScape Corporation (NYSE: QS)
- Albemarle Corporation (NYSE: ALB)
- General Motors Company (NYSE: GM)
Ford Motor Company
Starting off, we have multinational automobile manufacturer Ford Motor Company. Its Ford+ plan for growth and value creation combines existing strengths as the company carries out its electrification works. Impressively, the company expects 40% of its Ford global vehicle volume to be all-electric by 2030 and has raised planned electrification spending to $30+ billion by 2025. This would include the development of its proprietary IonBoost batteries. F stock has enjoyed gains of over 120% year-to-date.
On Wednesday, the company announced that together with Purdue University researchers, they have taken an important early step to make recharging EVs simpler and faster. Through a research alliance, researchers from both groups are working to develop a new, patent-pending charging station cable that could combine with in-development vehicle charging technology. This could lead to recharging your EV as quickly as gas fill-ups. The researchers also intend to begin testing a prototype charging cable in the next two years to determine more specific charge speeds for certain models of EVs. Given the prospects that could come from this partnership, should you consider investing in F stock?
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QuantumScape Corporation
Next up, we have QuantumScape, a leader in developing next-generation solid-state lithium-metal batteries for EVs. In fact, it is one of the only lithium-metal solid-state battery companies with automotive OEM validation. It recently announced that it has submitted its single-layer cells for testing by an independent third-party lab and has just reported that these tests replicate the impressive performance that it first disclosed late last year. QS stock is up by over 140% in the past year alone.
Elaborating on its shareholder letter regarding its third-party tests, it has shown that its battery technology can provide excellent cycle life (800 cycles to better than 80%) at high charge/discharge rates without dendrite formation. The tests were performed by Mobile Power Solutions, an independent battery laboratory, ANAB accredited to ISO/IEC 17025:2017, based in Beaverton, Oregon. The company also announced an agreement with another top-10 global automotive OEM alongside its existing partnership with Volkswagen. This could point to more automotive companies believing in QuantumScape’s technology. Given this exciting piece of news, should you add QS stock to your portfolio right now?
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Albemarle Corporation
Albemarle Corporation is a company that has 3 manufacturing divisions, lithium, bromine specialties, and catalysts. It is one of the largest providers of lithium for EV batteries and also powers the potential of companies in many of the world’s largest and most critical industries. This would range from energy and communications to electronics and transportation. The company’s stock has more than doubled in the past year as well. Last week, the company reported its third-quarter financials.
Firstly, the company reported net sales of $830.6 million, an increase of 11% year-over-year. This is despite supply chain challenges and increased raw material costs. Secondly, it posted an adjusted diluted earnings per share of $1.05 for the quarter and has increased its FY 2021 guidance based on this strong third quarter. Furthermore, the company has announced agreements for strategic investments in China with plans to build two lithium hydroxide conversion plants, each initially targeting 50,000 mtpa. With this impressive quarter, will you consider ALB stock a buy?
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General Motors Company
Another name to consider among EV stocks now would be General Motors (GM). As most seasoned auto investors would know, GM is a titan in the automotive world today. This is evident given the popularity of its extensive vehicle portfolio. The likes of which include its Chevrolet, Buick, and Cadillac divisions among others. Similar to its legacy car manufacturing peers, GM is steadily increasing its focus on EVs. As it stands, GM stock has year-to-date gains of over 45%.
For one thing, the company appears to be kicking into high gear now. Just this week, GM provided two significant updates. For starters, it is reportedly seeing a “better flow of semiconductors” according to a GM spokesperson. Because of this, the company’s North American assembly plants are operating at regular capacity again. Moreover, the company is also restarting vehicle production at its Oshawa Assembly Plant, a first since it was closed in late 2019. GM cites strong demand for its pickup trucks as a key reason for this move. Given GM’s current focus on bolstering its manufacturing capacity, could GM stock be a buy for you?
